BP awards Heriot-Watt University £1.25million for energy economics research

Heriot-Watt University has been awarded £1.25million by BP plc to continue its energy economics research and as the partner for its annual energy benchmark reports, the BP Statistical Review of World Energy and the BP Energy Outlook.

The university’s Centre for Energy Economics Research and Policy (CEERP) has worked with BP’s economics team since 2007, and the new funding secures a further three years of expert statistical and analytical support for the BP Statistical Review and Energy Outlook.

The BP Energy Outlook outlines BP’s views of future global energy markets through to 2040 and uses a range of scenarios to explore the key uncertainties. The BP Statistical Review provides objective and globally consistent data on world energy production, consumption, reserves and trade.

Energy economists at Heriot-Watt’s CEERP work with BP’s economics team to gather, analyse and interpret data from around the globe to compile the reports, which are regarded as an institution by the energy sector and policymakers alike.

Professor Mark Schaffer, director of the CEERP at Heriot-Watt University, said: "The BP Statistical Review and Energy Outlook are complex, fascinating publications to work on.

"All commercial fuels and sources are covered: oil, natural gas, coal, nuclear, hydroelectricity and electricity from renewable resources. We analyse and standardise data from countries around the world, companies and we examine trade relationships for anomalies and risks.

"We are extremely proud to continue as BP’s chosen partner for these critical publications.”

Professor John Underhill, chief scientist of Heriot-Watt University, said: "Production of BP's world-leading annual benchmark publications on oil, gas, and energy trends is something which Heriot-Watt is justifiably proud to be part of and associated with.

"The university’s research team draws upon and integrates its extensive and deep-rooted knowledge of the energy industry with its economics research expertise to great effect.

"The combination of Heriot-Watt University’s innovative approach with the analytical output from the BP Statistical Review and Energy Outlook aligns well with our global vision to help understand the resilience of energy resources for communities around the world.”